EXHIBIT 10.4



QUORUM FEDERAL CREDIT UNION

2500 Westchester Avenue

Suite 411

Purchase, NY 10577





Dated as of April 6, 2018





Allan J. Herz

President and Assistant Treasurer

BRFC-Q 2010 LLC

4950 Communication Avenue, Suite 900

Boca Raton, Florida 33431



Re: Commitment Purchase Period Terms Letter; Terms Governing Sale of Timeshare Loans by BRFC-Q 2010 LLC (the "Seller") to Quorum Federal Credit Union (the "Buyer")



Dear Mr. Herz:



The Buyer agrees to purchase Eligible Timeshare Loans from the Seller during the Commitment Purchase Period on the terms and conditions set forth in the Loan Sale and Servicing Agreement dated as of December 22, 2010, by and among the Seller, the Buyer, Bluegreen Corporation, as the Servicer, Concord Servicing Corporation, as the Back-Up Servicer and the other parties thereto, as amended (the "Agreement") as supplemented below:



A.

Buyer Purchase Price Percentage: No less than 85% during the Commitment Period, subject to adjustment as provided herein.



B.

Program Fee Rate: 4.95% per annum for purchases during the period from January 1, 2018, through September 30, 2018.



C.

Loan Purchase Fee: the product of (i) 0.25% and (ii) the outstanding principal loan balance of the related Sale Date Loan Pool.



D.

Timeshare Portfolio Performance Event triggers:



a.

Delinquency Level: 4.00% during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.



b.

Default Level: 2.75% during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.

 

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c.

Cumulative Default Level: Table 1 attached hereto during the Commitment Purchase Period, subject to adjustment at any time by the Buyer. 



The Buyer reserves the right to modify the Buyer Purchase Price Percentage and/or the Timeshare Portfolio Performance Event triggers, at any time during or after the Commitment Period for new fundings. Written notice of any change(s) in the Buyer Purchase Price Percentage and/or the Timeshare Portfolio Performance Event triggers will be provided by the Buyer to the Seller at least thirty (30) days in advance of the effective date thereof. Any change in the Delinquency Level, Default Level and/or Cumulative Default Level will be noted in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable.



This letter is provided pursuant to the provisions of Section 2.1(b) of the Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement.





[Signatures on Next Page]

 

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QUORUM FEDERAL CREDIT UNION, as Buyer

By: /s/ Bruno Sementilli



Name: Bruno Sementilli



Title: President & CEO



Address:

2500 Westchester Avenue



 

Suite 411



 

Purchase, NY 10577



Attention:

President/CEO



Telephone:

914-641-3739



Facsimile:

914-641-3777



 

 





 

 

 



 

 

ACKNOWLEDGED AND AGREED TO:



 

 

BRFC-Q 2010 LLC, as Seller

By: /s/ Allan J. Herz



Name: Allan J. Herz



Title: President & Assistant Treasurer



 

 



Address:

4950 Communication Avenue



 

Suite 900



 

Boca Raton, Florida 33431



Attention:

Allan J. Herz



Telephone:

561-912-8210



Facsimile:

561-912-8123













 

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Table I

Cumulative Default

Levels



Month

Cumulative Defaults

Month

Cumulative Defaults

Month

Cumulative Defaults

1

N/A

41

23.53%

81

33.69%

2

N/A

42

24.18%

82

33.78%

3

N/A

43

24.51%

83

33.86%

4

N/A

44

24.84%

84

33.94%

5

N/A

45

25.17%

85

34.01%

6

N/A

46

25.67%

86

34.08%

7

N/A

47

26.17%

87

34.15%

8

N/A

48

26.67%

88

34.22%

9

N/A

49

27.02%

89

34.28%

10

N/A

50

27.37%

90

34.34%

11

N/A

51

27.71%

91

34.40%

12

N/A

52

28.01%

92

34.45%

13

6.07%

53

28.30%

93

34.50%

14

6.86%

54

28.60%

94

34.55%

15

7.65%

55

29.22%

95

34.60%

16

8.55%

56

29.84%

96

34.65%

17

9.46%

57

30.46%

97

34.69%

18

10.36%

58

30.55%

98

34.74%

19

11.18%

59

30.65%

99

34.78%

20

12.01%

60

30.74%

100

34.82%

21

12.83%

61

30.89%

101

34.86%

22

13.43%

62

31.04%

102

34.89%

23

14.03%

63

31.19%

103

34.93%

24

14.64%

64

31.45%

104

34.96%

25

15.29%

65

31.72%

105

34.99%

26

15.94%

66

31.98%

106

35.02%

27

16.59%

67

32.11%

107

35.05%

28

17.26%

68

32.24%

108

35.08%

29

17.93%

69

32.37%

109

35.10%

30

18.60%

70

32.49%

110

35.13%

31

18.60%

71

32.61%

111

35.15%

32

18.98%

72

32.73%

112

35.18%

33

19.55%

73

32.86%

113

35.20%

34

19.98%

74

32.98%

114

35.22%

35

20.40%

75

33.10%

115

35.24%

36

20.82%

76

33.22%

116

35.26%

37

21.29%

77

33.33%

117

35.28%

38

21.75%

78

33.43%

118

35.30%

39

22.22%

79

33.52%

119

35.32%

40

22.87%

80

33.61%

120

35.33%



 

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